Phillips Edison & Co. Acquires Nashville Retail Center
The deal includes an adjacent parcel for potential development.
Phillips Edison & Co. has purchased Providence Commons, a 110,137-square-foot retail center in Mt. Juliet, Tenn. TA Realty was the seller, according to CommercialEdge data. A JLL Capital Markets team brokered the transaction.
The property previously traded in 2018, for $28.2 million, when it was sold by Boyle Investment Co., the same source shows.
Providence Commons comprises four buildings on a 23.1-acre site. The sale included an additional 7.2 acres of undeveloped land adjacent to the property. Its zoning allows for retail, office or hospitality development.
The retail center was 100 percent leased at the time of sale, anchored by Publix. Other tenants include Starbucks, Pizza Hut, Anytime Fitness, Precision Eye Care, Papa Johns and Subway.
Providence Commons is located at 631 S. Mt. Juliet Road, 2 miles south of the intersection of Interstate 40 and Route 171. According to JLL, Mt. Juliet is one of the fastest growing submarkets in the Nashville Metropolitan Area, with 84 percent population growth since 2010.
JLL Capital Markets worked on behalf of the seller. The team comprised Senior Managing Director Jim Hamilton, Managing Director Brad Buchanan and Associate Andrew Michols.
At the end of last year, JLL Capital Markets also brokered the $20 million sale of a 148,203-square-foot retail center in Chattanooga, Tenn., working on behalf of Wicker Park Capital Management.
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